Friday, May 18, 2007

Wish I was Calm Trading

Trading looks easy when you are Calm Trading like Gary. When you get a good entry and place a proper stop all you have to do is sit back and let the trade work.

I tried dummy trading in January and February. I had some success because I actually made some money. In March I did not know what I was doing. In April I went back to scalping and was able end the month with some profits. I really want to give dummy trading another shot again. When I first tried it I didn't know much and I got lucky. From what I learned the past two months, I think I might be able to use my new volume and tape reading observations to improve my dummy trade selection.

Gary shared some important rules in stock selection. "It seems like I keep repeating my self but Do NOT enter on long bars--I dont know whats so hard to understand about this one, DO NOT enter too far away from 5 ema, DO NOT enter into stocks making long shadows above your entry- shadows only mean that stock tried to go there before and didn't succeed so it came back."

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About Me

I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year.
My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets.
In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.